Galaxy's Mike Novogratz Claims Fidelity Will Shift Retail To Crypto Soon: Report

Galaxy Digital Holdings BRPHF founder and CEO Mike Novogratz has claimed to have heard that Fidelity Investments will "shift retail customers into crypto soon," according to a Bloomberg report.

One of the most prominent institutional backers of digital assets is Fidelity, which earlier this year announced that it will have a product available in the coming months that would enable participants in 401(k) plans to invest a portion of their money in Bitcoin.

“A bird told me Fidelity is going to shift their retail customers into crypto soon enough,” Bloomberg quoted Novogratz as saying during the SALT conference in New York on Monday.

“I hope that bird is right. So we are still this institutional march and that gives crypto its floor,” he added.

Also Read: After Predicting Bitcoin At $100,000 Crypto Analyst Anthony Pompliano Now Says 'Price Predictions Are A Fool's Game' 

Galaxy Digital is Fidelity’s first custodian client

Meanwhile, according to a CCN report, the first alpha crypto custody customer of Fidelity Digital Assets is Galaxy Digital, which is listed on the TSX-V stock exchange in Toronto.

This week, Fidelity, the fourth-largest asset manager in the world with $7.2 trillion in assets under management as of October 2018, introduced Fidelity Digital Assets, a subsidiary that will provide institutional investors and accredited investors alternatives for crypto custodianship.

All 27 million Fidelity consumers and 23,000 businesses will have access to the platform's infrastructure and services in order to invest in the cryptocurrency market, according to the report.

In a press release, Abigail Johnson, CEO of Fidelity, stated that the company's long-term goals for the cryptocurrency market include expanding access to and enhancing the infrastructure supporting the asset class.

Photo: Courtesy of Acumen Fund on flickr